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2021-02-28-accounts

AXMINSTER HERITAGE LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

CHARITY NUMBER : 1113818

COMPANY NUMBER : 5365585

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

CONTENTS

Page
Legal and Administrative Information 1
Trustees' Report 2 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 - 7
Cash Flow 8
Notes to the Financial Statements 9 - 13

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

LEGAL AND ADMINISTRATIVE INFORMATION

Charity Number 1113818
Company Registration Number 5365585
Company Registered Office Thomas Whitty House
Silver Street
Axminster
Devon
EX13 5AH
Trustees Dr J D Church Chairman
Mr R L Hitchcock Vice Chairman
Mr K Barnard
Mr G Bridge Resigned 16 August 2021
Mr J J Dutfield
Cllr A T Moulding
Mr P R Percival
Mr J J S C Shaw Resigned 16 October 2020
Mr J Bolton Resigned 16 August 2021
Ms R Green Resigned 16 August 2021
Mr G Kent
Mr S Holt Appointed 17 May 2021
Company Secretary Mrs J Richardson
Accountants Thomas Westcott
Timberly
South Street
Axminster
Devon
EX13 5AD

Page 1

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

REPORT OF THE TRUSTEES (incorporating the directors' report) FOR THE YEAR ENDED 28 FEBRUARY 2021

The trustees present their report and the financial statements for the year ended 28 February 2021. The trustees, who are also directors for the purposes of company law and who served during the year and up to the date of this report, are set out on page 1.

Structure, management and governance

Axminster Heritage Limited is a company limited by guarantee governed by its Memorandum and Articles of Association. It is a registered charity (registration number 1113818).

The directors of the charitable company and throughout this report are collectively referred to as trustees, have the power to co-opt further directors to serve as trustees during the accounting year. Such appointment(s) are subsequently ratified by the members at the Annual General Meeting.

Public benefit

The trustees of Axminster Heritage Limited consider that the charity has complied fully with its duty in section 17 of the Charites Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

Objectives and activities

The objective of the charity is the provision of a community building and museum of national importance in Axminster.

The company commenced its activity on 7 September 2006 following the gaining of charitable status.

Achievements and performance

For most of the year under review, the Company operated under Covid-19 restrictions. The Heritage Centre, its galleries, shop and tourist information areas and other associated events and activities were only permitted to be open to visitors or to take place for four months of the year and then under Covid-19 restrictions. Visitor numbers and the income they normally would generate were therefore badly affected. However, grants from government during this period offset this shortfall and the ongoing costs of maintaining Thomas Whitty House. The Centre is run by volunteers under the Centre Manager. The offices on the first and second floors continue to be fully let.

Reserves policy

The Trustees have considered the scale, complexity and risk to Axminster Heritage Centre. Considering the Heritage Centre’s high level of self-generated income, it has decided that the company should aim to hold unrestricted current assets reserves of an amount, allowing it to operate without income for up to one year.

Financial review

The charity received total income of £95,079 (2020: £137,135) during the year, of which £34,034 (2020: £94,066) was restricted income. Expenditure for the year totalled £130,828 (2020: £130,625), of which £84,995 (2020: £97,320) was restricted, resulting in a deficit of £35,749 (2020 surplus £6,510) for the year.

At the year-end the charity held £1,177,245 in reserves, of which £91,152 was held in general reserve and £1,086,093 in the restricted reserve.

Page 2

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

REPORT OF THE TRUSTEES (incorporating the directors' report) FOR THE YEAR ENDED 28 FEBRUARY 2021

Risk management

Risk is minimised by prudent annual budgeting based on an assessment of likely income, audience development and marketing opportunities. Partnership working and ongoing dialogue with funders and supporters is also essential to ensuring the work of the Heritage Centre is recognised and continues to attract support. A Risk Register is also maintained and reviewed by trustees when appropriate.

Statement of trustees' responsibilities in relation to the financial statements

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions - this report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

…………………………………………. ………………………………………….

Dr J D Church - Chairman Mr P R Percival - Trustee

Dated

……………………

Page 3

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AXMINSTER HERITAGE LIMITED

Independent examiner's report to the trustees of the Axminster Heritage Limited

I report to the charity trustees on my examination of the accounts of the company for the year ended 28 February 2021, which are set out on pages 1 to 13.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (the '2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's report

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

….................................................................... ….......................................................... Dated

Ian McMurtry FCA Independent Examiner Thomas Westcott Chartered Accountants Timberly South Street Axminster, Devon

Page 4

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2021

Income and endowments from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total
Expenditure on:
Raising funds
Charitable activities
Total
6
Net movement in funds
Transfer of funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
7		 Un-
restricted
funds
£
43,699
3,363
13,983
61,045
3,786
42,047
45,833
15,212
-
75,940
91,152		 Restricted
funds
£
25,693
8,341
-
34,034
-
84,995
84,995
(50,961)
-
1,137,054
1,086,093		 Total
funds
2021
£
69,392
11,704
13,983
95,079
3,786
127,042
130,828
(35,749)
-
1,212,994
1,177,245		 Total
funds
2020
£
47,375
73,035
16,725
137,135
9,746
120,879
130,625
6,510
-
1,206,484
1,212,994

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 9 to 13 form part of these accounts

Page 5

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

BALANCE SHEET AS AT 28 FEBRUARY 2021

Notes
Fixed Assets
Freehold Property
12 & 13
Fixtures, Fittings & Equipment
12
Website
12
Current Assets
Stock
Debtors
Bank
Investment Account
Current Liabilities
Less amounts falling due within one year
Net Assets
The Funds of the Charity
Reserves
General
Restricted
Total Charity Funds
11		 2021
£
897,992
175,997
1,404
1,075,393
1,000
3,057
30,295
70,000
104,352
2,500
2,500
1,177,245
91,152
1,086,093
1,177,245		 2020
£
925,274
203,788
2,556
1,131,618
1,050
1,773
12,666
68,813
84,302
2,926
2,926
1,212,994
75,940
1,137,054
1,212,994

The notes on pages 9 to 13 form part of these accounts

Page 6

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

BALANCE SHEET (continued) AS AT 28 FEBRUARY 2021

In approving these financial statements as trustees for the Company, we hereby confirm:

The accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies' regime and in accordance with FRS102 'The Financial Reporting Standards applicable in the UK and the Republic of Ireland'.

These accounts were approved by the Board on ……………………………… and signed on its behalf by:

………………………………………. Dr J D Church - Chairman

…………………………………………..

Mr P R Percival - Trustee

The notes on pages 9 to 13 form part of these accounts

Page 7

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2021

Cash flows from operating activities:
Net income/(expenditure) for the reporting period
Adjustments for:
Depreciation of tangible assets
Other interest receivable and similar income
Rent received
Changes in:
(Increase)/decrease in trade and other debtors
Increase/(decrease) in trade and other creditors
(Increase)/decrease in inventory
Cash generated from operations
Cash flows from investing activities:
Purchase of tangible assets
Interest Received
Rent received
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from borrowings
Net cash (used in)/from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		 2021
£
(35,749)
65,328
(305)
(13,678)
(1,284)
(426)
50
13,936
(9,103)
305
13,678
4,880
-
-
18,816
81,479
100,295		 2020
£
6,510
64,964
(237)
(16,488)
(1,333)
2,926
(1,050)
55,292
(59,991)
237
16,488
(43,266)
-
-
12,026
69,453
81,479

The notes on pages 9 to 13 form part of these accounts

Page 8

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2021

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1 Basis of preparation

The financial statements are prepared under the historical cost convention. The financial statements have been prepared in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102), the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) (the 'SORP'), the Charities Act 2006.

The trustees have confidence that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the charity continues to adopt the going concern basis in preparing the financial statements. The financial statements are prepared in sterling, which is the functional currency of the charity.

1.2 Income and endowments

Income included donations, gifts and legacies and grants that provide core funding or are of general nature are recognised where there is entitlement, certainty of receipt and the amount can be quantified with reasonable accuracy.

Investment income is recognised on a receivables basis.

1.3 Fund accounting

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specific purpose and which the charity may use in the pursuance of its objects at its discretion.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

1.4 Expenditure

All expenditure is accounted for on an accruals basis. Expenditure includes any VAT that cannot be fully recovered and is reported as part of the expenditure to which it relates.

Raising funds comprise of the costs associated with attracting voluntary income.

1.5 Tangible fixed assets and depreciation

A charge is made for depreciation of building renovation costs, fixtures and fittings and website written off over their expected useful lives on a straight line basis as follows:

Building Renovations 4%
Fixtures and Fittings 10%
Website 20%

Page 9

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818 NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 28 FEBRUARY 2021

1.6 Going concern

The financial statements have been drawn up under the going concern basis which assumes the continued support of the company's directors. The directors are of the opninion that this support will continue for the foreseeable future and as such the going concern basis is appropriate.

1.7 Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future, and by their nature, will rarely equal the related actual outcome.

1.8 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.9 Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

The charity is a company limited by guarantee and has no share capital. The liabilty of each member in the event of winding up is £10.

Page 10

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 28 FEBRUARY 2021

3
Donations and legacies
Grants and donations
Membership fees
4
Income from charitable activities
Events
Visitor income
Gift aid tax rebate
Merchandise
Tax relief
Other activities
5
Investment income
Interest received
Rent received
6
Analysis of charitable expenditure
Unrestricted charitable activities
and raising funds
Compliance costs
Insurance
Printing, postage and stationery
Marketing and promotional material
Merchandise for resale
Event running costs
Training and volunteer expenses
Museum and collection costs
Property running costs
Other expenses
Restricted charitable activities
and raising funds
Professional fees
Staffing
Marketing and promotional materials
Event Running Costs
Printing, postage and stationery
Other Expenses
Building renovation depreciation
Fixtures, fittings depreciation
Website depreciation		 2021
Total
£
67,984
1,408		 2020
Restricted Unrestricted
Total
Restricted
Unrestricted
£
£
£
£
£
25,693
42,291
44,555
44,472
83
-
1,408
2,820
-
2,820		 2020
Restricted Unrestricted
Total
Restricted
Unrestricted
£
£
£
£
£
25,693
42,291
44,555
44,472
83
-
1,408
2,820
-
2,820
69,392 25,693
43,699
47,375
44,472
2,903
2021
Total
£
413
971
-
1,979
8,341
-		 2020
Restricted Unrestricted
Total
Restricted
Unrestricted
£
£
£
£
£
-
413
11,822
-
11,822
-
971
5,123
-
5,123

-
-
915
-
915
-
1,979
2,547
-
2,547
8,341
-
49,594
49,594
-

-
-
3,034
-
3,034
11,704 8,341
3,363		 73,035
49,594
23,441
2021
£
305
13,678
13,983
Raising
Property
Funds
Costs
£
£
-
-
-
3,085
144
-
2,395
-
1,101
-
146
-
-
-
-
-
-
31,342
-
-		 2020
£
237
16,488
16,725
General
Expenses
2021
2020
£
£
£

1,538
1,538
2,234
2,353
5,438
5,109

336
480
1,105

-
2,395
705

-
1,101
1,525

-
146
6,101

1,403
1,403
473

519
519
-
-
31,342
13,016

1,471
1,471
3,037
3,786
34,427		 7,620
45,833
33,305
Raising
Property
Funds
Costs
£
£
-
2,319
-
-
-
-
-
-
-
-
-
-
-
36,385
-
-
-
-		 General
Expenses
2021
2020
£
£
£
-
2,319
8,146

15,057
15,057
17,216

2,291
2,291
4,726

-
-
1,350

-
-
600

-
-
318
-
36,385
36,021

27,791
27,791
27,791

1,152
1,152
1,152
-
38,704		 46,291
84,995
97,320

Page 11

AXMINSTER HERITAGE LIMITED COMPANY NUMBER : 5365585 CHARITY NUMBER : 1113818

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 28 FEBRUARY 2021

7 Independent examination fees

Fees payable to the independent examiner for:
Independent examination of the financial statements		 2021
525		 2020
500

8 Staff costs

The average headcount of employees during the year was 1 (2020: 1).

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

9 Trustee remuneration and expenses

No trustee received any remuneration or benefit during the year (2020: Nil).

No trustee expenses were paid during the year (2020: Nil).

10 Related party transactions

During the year there were no related party transactions (2020: Nil).

11 Analysis of charitable funds

Unrestricted funds
Restricted funds		 Funds
Funds
as at
as at
01/03/2020
Income
Expenditure
Transfers
28/02/2021
£
£
£
£
75,940
61,045
45,833
-
91,152
1,137,054
34,034
84,995
-
1,086,093
1,212,994
95,079
130,828
-
1,177,245

The restricted reserve is specifically provided for the acquisition and refurbishment and fitting out of the building and associated matters.

12 Fixed assets

The freehold property is shown at its cost.

It is subject to restrictions of use and sale and is subject to a legal charges in favour of Devon County Council and the National Heritage Memorial Fund.

Freehold building
Building renovation works
Fixtures and fittings
Website		 Deprec-
Deprec-
Cost
Additions
Cost
iation
Charge
iation
WDV
01/03/2020
in Year
28/02/2021
01/03/2020
in Year
28/02/2021
28/02/2021
£
£
£
£
£
£
£
200,000
-
200,000
-
-
-
200,000
900,523
9,103
909,626
175,249
36,385
211,634
697,992
277,910
-
277,910
74,122
27,791
101,913
175,997
5,760
-
5,760
3,204
1,152
4,356
1,404
1,384,193
9,103
1,393,296
252,575
65,328
317,903
1,075,393

Page 12